Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.
$\begin{array} { l l }
\text { May } 1 \text { Eeginning inventory } & 50 @ \$ 25 \
10 & \text { Purchases100 @ 28 } \
19 & \text {Purchases20@30 }
\end{array}$ May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Question

Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.
 $\begin{array} { l l } 
\text { May } 1 \text { Eeginning inventory } & 50 @ \$ 25 \
10 & \text { Purchases100 @ 28 } \
19 & \text {Purchases20@30 }
\end{array}$ May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Quizplus · Accepted Answer

The Answer of Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year.Assume a periodic inventory system.
 $\begin{array} { l l } 
\text { May } 1 \text { Eeginning inventory } & 50 @ \$ 25 \
10 & \text { Purchases100 @ 28 } \
19 & \text {Purchases20@30 }
\end{array}$ May 1-31 Sales 130 units
a)________ FIFO
b)________ LIFO
c)________ Weighted-average

Calculate the Cost of Goods Sold Under Each of the Following